NewRiver Retail said profits leapt by a record 217 per cent in the first half of the year, boosted by a frenzied acquisition spree that saw the retail and pub landlord’s assets under management hit £1bn for the first time.
The company, which owns shopping centres including Regents Court in Leamington Spa, reported pre-tax profits of £39m in the six months to 30 September compared with £12.3m the previous year, when they rose by 137 per cent.
Its net asset value per share increased by 14 per cent to 287p while basic earnings per share were up by 110 per cent to 26.2p.
Chief executive and founder, David Lockhart, said: "I am delighted to report another strong set of financial results following one of the most active periods for NewRiver since its incorporation in 2009. We have achieved record profit growth and strong sustainable income returns, delivering increases in all our key financial metrics.”
The group, which is planning a move to London’s main stock market from Aim next year, raised £150m from shareholders in June to help fund further acquisitions.
In July NewRiver bought a 13 warehouses let to retailers including Argos for £69m and in August the company snapped up 158 sites from Punch Taverns for £53.5m.
The deal follows its acquisition of 202 pubs from Marston’s in 2013. The company is building new shops for Co-op Food on land next to the pubs, and said the first store will be completed in December.
It has also submitted detailed plans for a major £65m mixed-use town centre redevelopment on the site of the current Martlets in Burgess Hill in West Sussex, totalling 465,000 square feet.